Bitcoin’s price has been somewhat subdued over the past few days. At press time, the cryptocurrency was trading at $6,460. Bitcoin has roughly been around the $6,500 level in the aftermath of this week’s upward spike..
However, one eToro analyst thinks “it’s only a matter of time now” before this trend comes to an end. Mati Greenspan, senior marketing analyst at multi-asset brokerage eToro, recently cited some “signs of excitement” that are underneath a “cool price action exterior.”
Greenspan pointed to rising transactions per second as an indicator that bitcoin might see a price breakout soon. On the other hand, he admitted “it wouldn’t be a bad thing” if the current flatline pattern sticks around for a few months.
Through a research note, Fundstrat analyst Rob Sluymer noted the price is about to move, as he stated the “coming 1-2 weeks could prove to be a near-term pivotal point for many cryptocurrencies.” He said:
Why? The majority of cryptocurrencies have remained in narrow consolidations for weeks BUT many are testing important technical trading levels that, if breached, is likely to trigger a dramatic response by traders.”
Per Sluymer, most cryptocurrencies Fundstrat tracks are all approaching resistance, and a move above it could be a “catalyst for a run higher.”
Tether-related Complications
Early in the week, CryptoGlobe reported how bitcoin saw its price surge over Tether-related concerns, which presumably prompted investors to sell the stablecoin and buy BTC.
Yesterday, Bloomberg wrote the controversial stablecoin was trading at roughly a $300 premium on the Bitfinex exchange, which shares management with Tether. A fresh round of worries about Tether’s transparency practices drove prices of the one-to-one stablecoin down to around 97 cents, after it reached 85 cents during the week on the Kraken exchange.
Price declines coupled with USDT tokens leaving circulation have resulted in Tether’s market cap falling by $250 million. Some analysts have suggested investors are cashing out via Bitfinex, which is then reducing the supply.
Bitcoin Futures Trading Up
Data published by the CME Group via Twitter on October 17 shows how the average daily trading volume of bitcoin futures contacts on the platform was up by 41% during Q3 2018.
However, trade volume growth for the third quarter was lower than on Q2, where the exchange said average daily trading volume increased by 93%.